Accounting Policies of Victoria Enterprises Ltd. Company

Mar 31, 2013

(a) Basis of preparation

The financial statements have been prepared to comply, in all material
respects with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India and the relevant provisions
of the Companies Act, 1956. The financial statements have been
prepared under the historical cost convention on an accrual basis.

(b) Employee Benefits :-

i. Gratuity liability is defined benefit obligations and is provided
for on the basis of actuarial valuation made at the end of each
financial year.

ii. The Provisions of the Provident Fund Act, 1952 are not applicable
to the Company.

(c) Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. Cost
comprises of Purchase price and any attributable cost of bringing the
asset to its working condition for its intended use.

(d) Depreciation

I. Depreciation has been provided on written down value method
corresponding to the rates prescribed under schedule XIV of the
Companies Act 1956.

H. Depreciation on additions is being provided on pro-rata basis from
the date of such additions.

III. Leasehold Land is being amortised over the period of lease.

(e) Impairment

According to AS-28 on "Impairment of Assets"An Asset is treated as
impaired when the carrying cost of asset exceeds its recoverable value.
Impairment Loss is charged to Profit & Loss A/c in the year in which
impairment is identified.

(f) Leases

Assets acquired under finance leases are recognised in accordance with
the method recommended by the ICAI. Lease payments are apportioned
between finance charge and reduction of outstanding liabilities. The
finance charge is allocated to periods during lease term at a constant
periodic rate of interest on the remaining balance of the liability.

(g) Investments

Investments that are readily realisable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long-term investments. Current
investments are carried at lower of cost and fair value determined on
an individual investment basis. Long-term investments are carried at
cost. However, provision for diminution in value is made to recognize a
decline other than temporary in the value of the investments.

(h) Inventories

(i) Inventories of finished goods and materials at site are valued at
lower of cost or net realisable value

(ii) All cost incurred for development of Real Estates are shown as
work in progress till the completion / sale / recognition of revenues
related to such property. This includes cost of land, development
expenses, interest and other cost / expenses incidental to the projects
undertaken by the company.

(iii) All cost incurred for movies under production, which has not been
completed till date of Balance sheet has been shown as work in progress
which also includes advances paid in relation to such production.

(i) Revenue recognition

Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.

Development of Real Estates

In case of Development of Real Estates revenue is recognised when
significant risk and rewards incidental to transaction / property has
been transferred to the buyer

Civil Construction *

In case of Civil Construction Contracts the Company follows the
percentage of completion method to recognise the Revenue as per
Accounting Standard - 7 relating to Construction contracts issued by
ICAI as and when and wherever applicable. However company is not
undertaking any contracts for others. The Revenue is recognised only on
completion of projects above stipulated percentage.

Determination of revenues under the Percentage of Completion Method
necessarily involves making estimates by the Company, some of which are
of technical nature, concerning, where relevant, the percentage of
completion, costs to completion, the expected revenues from the project
/ activity and the foreseeable losses to completion. The auditors have
relied upon such estimates.

Dividend

Dividendnncluding Interim is accounted for when declared.

(j) Foreign currency translation

(i) Monetary Assets and Liability related to Foreign Currency
transaction and outstanding at the close of the year are expressed in
Indian rupees at the rate of exchange prevailing on the date of Balance
Sheet.

(ii) Transactions in foreign currency are recorded in the books of
Account in Indian rupees at the rate of exchange prevailing on the date
of transaction.

(k) Taxes on Income

Income Tax expense comprises of Current Tax and Deferred Tax charge or
credit. The current tax is determined as the amount of tax payable in
respect of taxable income for the year, as per the provisions of Income
Tax Act, 1961. The Company provides for Deferred Tax Liability based
on the tax effect of Timing Differences resulting from the recognition
of item in the financial statements and estimating its current income
tax provision. Where there are brought forward fiscal allowances,
deferred tax asset is recognized only if there is virtual certainty of
realization of such assets. Deferred tax assets and liabilities are
reviewed as at each balance sheet date and restated as per current
developments.

(I) Borrowing Costs

Borrowing Costs attributable to the fixed assets during their
construction/renovation and modernization are capitalized in accordance
with AS-16 issued by ICAI. Such borrowing costs are apportioned on the
average balance of Capital Work-in-Progress for the year. Other
borrowing costs are recognized as an expense in the period in which
they are incurred.

(m) Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes, if any) by the
weighted average number of equity shares outstanding during the period.
Partly paid equity shares are treated as a fraction of an equity share
to the extent that they were entitled to participate in dividends
relative to a fully paid equity share during the reporting period.

For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.

(n) Provisions

A provision is recognized when an enterprise has a present obligation
as a result of past event; it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to reflect the current best
estimates. Provision for expenditure relating to voluntary retirement
is made when the employee accepts the offer of early retirement.

(o) Segment Information

Revenue, operating results, assets and liabilities have been identified
to represent separate segment. Assets, Liabilities Revenue and Expanses
which are not allocable to separate segment on a reasonable basis, are
included under Unallocated.

Mar 31, 2012

(a) Basis of preparation

The financial statements have been prepared to comply, in all material
respects with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India and the relevant provisions
of the Companies Act, 1956. The financial statements have been
prepared under the historical cost convention on an accrual basis.

(b) Employee Benefits

i. Gratuity liability is defined benefit obligations and is provided
for on the basis of actuarial valuation made at the end of each
financial year.

ii. The Provisions of the Provident Fund Act, 1952 are not applicable
to the Company.

(c) Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. Cost
comprises of Purchase price and any attributable cost of bringing the
asset to its working condition for its intended use.

(d) Depreciation

I. Depreciation has been provided on written down value method
corresponding to the rates prescribed under schedule XIV of the
Companies Act 1956.

II. Depreciation on additions is being provided on pro-rata basis from
the date of such additions.

III. Leasehold Land is being amortized over the period of lease.

(e) Impairment

According to AS-28 on "Impairment of Assets "An Asset is treated as
impaired when the carrying cost of asset exceeds its recoverable value.
Impairment Loss is charged to Profit & Loss A/c in the year in which
impairment is identified.

(f) Leases

Assets acquired under finance leases are recognized in accordance with
the method recommended by the ICAI. Lease payments are apportioned
between finance charge and reduction of outstanding liabilities. The
finance charge is allocated to periods during lease term at a constant
periodic rate of interest on the remaining balance of the liability.

(g) Investments

Investments that are readily realizable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long-term investments. Current
investments are carried at lower of cost and fair value determined on
an individual investment basis. Long-term investments are carried at
cost. However, provision for diminution in value is made to recognize a
decline other than temporary in the value of the investments.

(h) Inventories

(I) Inventories of finished goods and materials at site are valued at
lower of cost or net realizable value

(ii) All cost incurred for development of Real Estates are shown as
work in progress till the completion / sale / recognition of revenues
related to such property. This includes cost of land, development
expenses, interest and other cost / expenses incidental to the projects
undertaken by the company.

(iii) All cost incurred for movies under production, which has not been
completed till date of Balance sheet has been shown as work in progress
which also includes advances paid in relation to such production.

(i) Revenue recognition

Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.

Development of Real Estates

In case of Development of Real Estates revenue is recognized when
significant risk and rewards incidental to transaction / property has
been transferred to the buyer

Civil Construction

In case of Civil Construction Contracts the Company follows the
percentage of completion method to recognize the Revenue as per
Accounting Standard - 7 relating to Construction contracts issued by
ICAI as and when and wherever applicable. However company is not
undertaking any contracts for others. The Revenue is recognized only on
completion of projects above stipulated percentage.

Determination of revenues under the Percentage of Completion Method
necessarily involves making estimates by the Company, some of which are
of technical nature, concerning, where relevant, the percentage of
completion, costs to completion, the expected revenues from the project
/ activity and the foreseeable losses to completion. The auditors have
relied upon such estimates.

Dividend

Dividend including Interim is accounted for when declared.

(j) Foreign currency translation

(i) Monetary Assets and Liability related to Foreign Currency
transaction and outstanding at the close of the year are expressed in
Indian rupees at the rate of exchange prevailing on the date of Balance
Sheet.

(ii) Transactions in foreign currency are recorded in the books of
Account in Indian rupees at the rate of exchange prevailing on the date
of transaction.

(k) Taxes on Income

Income Tax expense comprises of Current Tax and Deferred Tax charge or
credit. The current tax is determined as the amount of tax payable in
respect of taxable income for the year, as per the provisions of Income
Tax Act, 1961. The Company provides for Deferred Tax Liability based
on the tax effect of Timing Differences resulting from the recognition
of item in the financial statements and estimating its current income
tax provision. Where there are brought forward fiscal allowances,
deferred tax asset is recognized only if there is virtual certainty of
realization of such assets. Deferred tax assets and liabilities are
reviewed as at each balance sheet date and restated as per current
developments.

(I) Borrowing Costs

Borrowing Costs attributable to the fixed assets during their
construction/renovation and modernization are capitalized in accordance
with AS-16 issued by ICAI. Such borrowing costs are apportioned on the
average balance of Capital Work-in-Progress for the year. Other
borrowing costs are recognized as an expense in the period in which
they are incurred.

(m) Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes, if any) by the
weighted average number of equity shares outstanding during the period.
Partly paid equity shares are treated as a fraction of an equity share
to the extent that they were entitled to participate in dividends
relative to a fully paid equity share during the reporting period.

For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.

(n) Provisions .

A provision is recognized when an enterprise has a present obligation
as a result of past event; it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to reflect the current best
estimates. Provision for expenditure relating to voluntary retirement
is made when the employee accepts the offer of early retirement.

(o) Segment Information

Revenue, operating results, assets and liabilities have been identified
to represent separate segment. Assets, Liabilities Revenue and Expanses
which are not allocable to separate segment on a reasonable basis, are
included under Unallocated.

Mar 31, 2010

(a) Basis of preparation

The financial statements have been prepared to comply in all material
respects with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India and the relevant provisions
of the Companies Act, 1956. The financial statements have been prepared
under the historical cost convention on an accrual basis.

(b) Employee Benefits :-

i. Gratuity liability is defined benefit obligations and is provided
for on the basis of an actuarial valuation made at the end of each
financial year.

ii. The Provisions of the Provident Fund Act, 1952 are not applicable
to the Company.

(c) Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use.

(d) Depreciation

I. Depreciation has been provided on written down value method
corresponding to the rates prescribed under schedule XIV of the
Companies Act 1956.

II. Depreciation on additions is being provided on pro-rata basis from
the date of such additions.

III. Leasehold Land is being amortised over the period of lease.

(e) Impairment

According to AS-28 on "Impairment of Assets" An Asset is treated as
impaired when the carrying cost of asset exceeds its recoverable value.
Impairment Loss is charged to Profit & Loss A/c in the year in which
impairment is identified.

(f) Leases

Assets acquired under finance leases are recognised in accordance with
the method recommended by the ICAI. Lease payments are apportioned
between finance charge and reduction of outstanding liabilities. The
finance charge is allocated to periods during lease term at a constant
periodic rate of interest on the remaining balance of the liability.

(g) Investments

Investments that are readily realisable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long-term investments. Current
investments are carried at lower of cost and fair value determined on
an individual investment basis. Long-term investments are-earned at
cost. However, provision for diminution in value is made to recognize a
decline other than temporary in the value of the investments.

(h) Inventories

(i) Inventories of finished goods and materials at site are valued at
lower of cost or net reusable value

(ii) All cost incurred for development of Real Estates are shown as
work in progress till the completion / sale / recognition of revenues
related to such property. This includes cost of land, development
expenses, interest and other cost / expenses incidental to the projects
undertaken. by the company.

(iii) All cost incurred for movies under production, which has not been
completed till date of Balance sheet has been shown as work in progress
which also includes advances paid in relation to such production.

(i) Revenue recognition

Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.

Development of Real Estates

In case of Development of Real Estates revenue is recognised when
significant risk and rewards incidental to transaction / property has
been transferred to the buyer

Civil Construction

In case of Civil Construction Contracts the Company follows the
percentage of completion method to recognise the Revenue as per
Accounting Standard - 7 relating to Construction contracts issued by
ICAI as and when basis, wherever applicable, however company is not
undertaking any contracts for others. The Revenue is recognised only
on completion of projects above stipulation percentage.

Determination of revenues under the Percentage of Completion Method
necessarily involves making estimates by the Company, some of which are
of technical nature, concerning, where relevant, the percentage of
completion, costs to completion, the expected revenues from the project
/ activity and the foreseeable losses to completion. The auditors have
relied upon such estimates.

Dividend

Dividend including Interim is accounted for when declared.

G) Foreign currency translation

(i) Monetary Assets and Liability related to Foreign Currency
transaction and outstanding at the close of the year are expressed in
Indian rupees at the rate of exchange prevailing on the date of Balance
Sheet.

(ii) Transactions in foreign currency are recorded in the books of
Account in Indian rupees at the rate of exchange prevailing on the date
of transaction.

(k) Taxes on Income

Income Tax expense comprise of Current Tax and Deferred Tax charge or
credit. The current tax is determined as the amount of tax payable in
respect of taxable income for the year, as per the provisions of Income
Tax Act, 1961. The Company provides for Deferred Tax Liability based on
the tax effect of Timing Differences resulting from the reorganization
of item in the financial statements and estimating its current income
tax provision. Where there are brought forward fiscal allowances,
deferred tax asset is recognized only if there is virtual certainty of
realization of such assets. Deferred tax assets and liabilities are
reviewed as at each balance sheet date and restated as per current
developments.

(i) Borrowing Costs

Borrowing Costs attributable to the fixed assets during their
construction/renovation and modernization are capitalized in accordance
with AS-16 issued by ICAI. Such borrowing costs are apportioned on the
average balance of Capital Work-in-Progress for the year. Other
borrowing costs are recognized as an expense in the period in which
they are incurred.

(m) Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes, if any) by the
weighted average number of equity shares outstanding during the period.
Partly paid equity shares are treated as a fraction of an equity share
to the extent that they were entitled to participate in dividends
relative to a fully paid equity share during the reporting period.

For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.

(n) Provisions

A provision is recognized when an enterprise has a present obligation
as a result of past event; it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to reflect the current best
estimates. Provision for expenditure relating to voluntary retirement
is made when the employee accepts the offer of early retirement.

(o) Segment Information

Revenue, operating results, assets and liabilities have been identified
to represent separate segment. Assets, Liabilities Revenue and
Expanses which are not allocable to separate segment on a reasonable
basis, are include under Unallocated.

Mar 31, 2009

(a) Basis of preparation

The financial statements have been prepared to comply in all material
respects with the mandatory Accounting Standards issued by the
Institute of Chartered Accountants of India and the relevant provisions
of the Companies Act, 1956. The financial statements have been prepared
under the historical cost convention on an accrual basis.

(b) Employee Benefits :-

i. Gratuity liability is defined benefit obligations and is provided
for on the basis of an actuarial valuation made at the end of each
financial year. ii. The Provisions of the Provident Fund Act, 1952
are not applicable to the Company.

(c) Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. Cost
comprises the purchase price and any attributable cost of bringing the
asset to its working condition for its intended use.

(d) Depreciation

I. Depreciation has been provided on written down value method
corresponding to the rates prescribed under schedule XIV of the
Companies Act 1956.

II. Depreciation on additions is being provided on pro-rata basis from
the date of such additions.

III. Leasehold Land is being amortised over the period of lease

(e) Impairment

According to AS-28 on "Impairment of Assets" an Asset is treated as
impaired when the carrying cost of asset exceeds its recoverable value.
Impairment Loss is charged to Profit & Loss A/c in the year in which
impairment is identified.

(f) Leases

Assets acquired under finance leases are recognised in accordance with
the method recommended by the ICAI. Lease payments are apportioned
between finance charge and reduction of outstanding liabilities. The
finance charge is allocated to periods during lease term at a constant
periodic rate of interest on the remaining balance of the liability.

(g) Investments

Investments that are readily realisable and intended to be held for not
more than a year are classified as current investments. All other
investments are classified as long-term investments. Current
investments are carried at lower of cost and fair value determined on
an individual investment basis. Long-term investments are carried at
cost. However, provision for diminution in value is made to recognise a
decline other than temporary in the value of the investments.

(h) Inventories

I. Inventories of finished goods are valued at lower of cost or net
relisable value

II. All cost incurred for development of Real Estates are shown as
work in progress till the completion / sale / recognition of revenues
related to such property. This includes cost of land, development
expenses, interest and other cost / expenses incidental to the projects
undertaken by the company.

III. All cost incurred for movies under production, which has not been
completed till date of Balance sheet has been shown as work in progress
which also includes advances paid in relation to such production.

(i) Revenue recognition

Revenue is recognized to the extent that it is probable that the
economic benefits will flow to the Company and the revenue can be
reliably measured.

Development of Real Estates

In case of Development of Real Estates revenue is recognised when
significant risk and rewards incidental to transaction / property has
been transferred to the buyer.

Civil Construction

In case of Civil Construction Contracts the Company follows the
percentage of completion method to recognise the Revenue as per
Accounting Standard - 7 relating to Construction contracts issued by
ICAI. The Revenue is recognised only on completion of projects above
stipulation percentage.

Determination of revenues under the Percentage of Completion Method
necessarily involves making estimates by the Company, some of which are
of technical nature, concerning, where relevant, the percentage of
completion, costs to completion, the expected revenues from the project
/ activity and the foreseeable losses to completion. The auditors have
relied upon such estimates.

Dividend

Dividend including Interim is accounted for when declared.

(J) Foreign currency translation

(i) Monetary Assets and Liability related to Foreign Currency
transaction and outstanding at the close of the year are expressed in
Indian rupees at the rate of exchange prevailing on the date of Balance
Sheet.

(ii) Transactions in foreign currency are recorded in the books of
Account in Indian rupees at the rate of exchange prevailing on the date
of transaction.

(k) Taxes on Income

Income Tax expense comprise of Current Tax and Deferred Tax charge or
credit. The current tax is determined as the amount of tax payable in
respect of taxable income for the year, as per the provisions of Income
Tax Act, 1961. The Company provides for Deferred Tax Liability based on
the tax effect of Timing Differences resulting from the recognization
of item in the financial statements and estimating its current income
tax provision. Where there are brought forward fiscal allowances,
deferred tax asset is recognized only if there is virtual certainty of
realization of such assets. Deferred tax assets and liabilities are
reviewed as at each balance sheet date and restated as per current
developments.

(l) Borrowing Costs

Borrowing Costs attributable to the fixed assets during their
construction/renovation and modernization are capitalized in accordance
with AS-16 issued by ICAI. Such borrowing costs are apportioned on the
average balance of Capital Work-in-Progress for the year. Other
borrowing costs are recognized as an expense in the period in which
they are incurred.

(m) Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or
loss for the period attributable to equity shareholders (after
deducting preference dividends and attributable taxes, if any) by the
weighted average number of equity shares outstanding during the period.
Partly paid equity shares are treated as a fraction of an equity share
to the extent that they were entitled to participate in dividends
relative to a fully paid equity share during the reporting period.

For the purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity shareholders and
the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.

(n) Provisions

A provision is recognized when an enterprise has a present obligation
as a result of past event; it is probable that an outflow of resources
will be required to settle the obligation, in respect of which a
reliable estimate can be made. Provisions are not discounted to its
present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at
each balance sheet date and adjusted to reflect the current best
estimates. Provision for expenditure relating to voluntary retirement
is made when the employee accepts the offer of early retirement.

(o) Segment Information

Revenue, operating results, assets and liabilities has been identified
to represent separate segment. Assets, Liabilities Revenue and Expanses
which are not allocable to separate segment on a reasonable basis, are
include under Unallocated.